We'll call this meeting to order. The Morhead Econ Economic Development Authority. We'll begin with a roll call. >> Thank you, Mr. Chair. Um, today we will be taking a roll call vote because we do have a member that is attending virtually. So, when I say your name,
would you please quickly say present? Obviously, if you're not here, you can't say absent. So, Amy Anderson, >> present. >> Nate Anderson, >> present. >> Evan Balco, absent. Chris Howell,
absent. Sher Larson, >> present. >> Emily Moore, >> present. >> Joel Pollson, absent. Kim Schoffeld >> present. >> Rob Soelick >> present.
>> And Deb White >> here. >> Thank you. >> The next item is any agenda amendments. >> No agenda amendments today. >> And an approval of the minutes from last month. Need a motion and a second.
>> I would make a motion. Schaeoff. Second. more >> and this will be another roll call vote to approve. >> That is correct. So I will just be calling the members who are currently present. Amy Anderson >> approved.
>> Nate Anderson, >> eight. >> Sher Larson, >> approved. >> Emily Moore, >> yes. >> Kim Schaefeld, >> yes. >> Rob Soelick, >> yes. >> Deb White, >> yes. >> Motion passes.
Thank you. Number four, citizens to be heard. I believe this is where Staca usually presents. >> Hi, Staca Sykes, the executive director of the Greater MBA. Um, just an update of what we've been up to this past month. We got the privilege of hearing
from Mayor Shelley at Let's Talk Business, talking about all the great things that are happening in Warhead. Finally, we switched from orange to blue. So, no going from construction to ribbon cutting. So, it'll be an exciting year. We also got to hear from Lindsay
Cassette and Jade Rosenfeld from the drug court and talked about how businesses and them can team up together. So, that was a great time. Also for our nonprofit connect, we had 27 individuals show up and we
collaborated about online marketing and digital fundraising and uh the HIA Heather's House was grac gracious enough to host us this month. So that's what the MBA has been up to. Any questions?
>> No questions. Thank you, Stacia. I don't believe we have any commissioners reports. We'll move on to number six. >> Super, >> city manager Molly. >> Thank you, Chair Anderson. Just taking if we could uh a moment to take a
victory lap here with some uh phenomenally important people on our um economic development authority who are terming out. It's just crazy, I will say, to think that it's been six years since Nate Anderson, our chair, and Chad
Cota, our vice chair, um started. Um your dedication has just been absolutely remarkable and and frankly, it's hard to lose a chair and a vice chair, but we're going to be okay. And the uh I just just wanted to say thank you for your steady leadership and your guidance. Um um Amy
Thorp is so smart. She ends up putting things together that are very helpful. And so there was she went back to six years ago 2018. Some of the things that might have been happening right at that time right when you started that year is when we did the shovel ready certification uh in the Mara Industrial
Park. This created the largest shovel ready site in the state of Minnesota which truly frankly kind of positioned us for this uh DG fuel sustainable aviation fuel project any number of other projects that have come in. the vision and the ability to do that at
that scale to get all those environmental concerns so that folks are looking and seeing Morehead was so important. So, I mean, just incredible vision right off right off the bat. And that is back too to the folks that served on the economic development authority, you know, prior. I mean, this goes back, you know, Charlie Johnson was
a chair at the at the time. Uh Cindy Graphio was the economic development director. I mean, there's just really some remarkable work that happens when we when we move on. I was just talking with Chad. He said, you know, we're it's like kind of like children. You just wish them the best. And you've certainly left us in a better place. So, thanks
for everything and to you, Nate. So, uh, but in also in 2019, um, the downtown master plan was funded. We know where we're at with that now. Um, there was also some hard news. That was the year that Herburger's department store had announced its closure. 2018, we can picture that was that long ago.
We still have people talking about how much they miss Herburgers and how important that place was in their lives. Um 2019 um was a year of there's a whole list here of a number of um renaissance zone projects and the um uh storefront rehab program and some other things. One of the things currently that really
stands out to me as I'm talking to folks is rather than people talking about areas that just don't like kind of look like they're in a condition of slum and blight. They're really focusing on individual properties or parcels that need a lot of help. So now it's like the the spots, the missing teeth and the places that could use a little of um are
really standing out. 2020, boom. I mean, that was when we got into the pandemic and all the challenges that were there and some of the support that we had that we went in and we partnered with um all of the businesses across to provide the $10,000 to keep um to keep the doors open and to keep going some of that
support partnership from across the federal, state, and local levels and then our local local community. Um 2021 was our Onward Morehead comprehensive plan uh which lays out a lot of what we're doing now. We also built on successes in 2022 with significant projects like the
Fairmont flats um the starting of the community center library. A lot of the this is when this was the year that the EDA said that when it comes to marketing, let's look rather than the kind of the traditional forms of marketing where it's like uh billboards and um advertisements in newsletters and
magazines and things like that, moving into experiences so that we market Morehead by people experiencing great things to do with their families and friends and um in Morehead. So that when you're in Morehead, we're actually promoting and marketing Morehead. you
even created that um placemaking fund uh um around around really promoting and supporting experiences. I hope people are seeing uh and experiencing enjoying Morehead a lot more that way. Um this was also the year that we uh landed um
DED's largest BDPI grant, the $2 million grant to help um in put in infrastructure ahead of uh um economic development projects. This went into the Mara B um business park. Uh I remember
being Am I missing anything on this one? >> Extending 34th Avenue. Yep. And some of those other some of those other sorts of partnerships. These are ones where you hit it and they feel really good, but you really get the sense of how good they feel when you're say in St. Paul or you're at a say greater coalition of
greater Minnesota cities and they're like they're saying what's up with you Morehead? Stop it. Like you know there's other places that are trying. So this speaks to the professional team that we've created across our community from the people that volunteer, serve on boards and commissions to the people that live here to the staff that is
trying to serve and the like. 2023 notable achieve achievements the armory annex um started um the the demolition of some of the center mall projects. those phases started and we also then moved into 24 and 25 these deed redevelopment
grants um for our down to moving some of the the money to support our downtown projects and frankly these deed redevelopment grants some of them came um in the wake of following um uh the murder of George Floyd and so to help in urban areas to help create neighborhoods
and sense of place and things like that. So, um, appreciate the state certainly and our representatives seeing that there's needs across our state and not just in certain, um, neighborhoods, um, especially associated in the metro. So, some of that came out into our community and those are great partnerships. Um, 24
was when we started talking when, uh, DG Fuels made its first, um, announcement around sustainable aviation, fuel, and production. And in 26 um, well, no, we're that's where we are now. We're this is this is the story that we're making now. Um, and so through all of
this, it's interesting when we're sitting in our board meetings, they're going smooth. We're trying to work together and stuff. This is an incredible amount of work. But what happens and the reason it's possible is really the trust and influence that I know just as a staff person and someone that works across the team to have the support of say the economic development
authorities, these board members where we can ask honest questions and we can find out we can keep working together. that how how important that has made the fact that this board has cared about each other and cared about the staff and that we've been able to accomplish such great things and a lot of that really Nate and Chad has been a big you I mean
you guys are chair and vice chair of this board I mean you've done so great and we're so grateful and we just want to say thank you >> thank you Dan >> yes and I have something for Oh good they are labeled you know, and I'd say um if you Chad if
you'd like to say anything or or Nate, you're welcome. Nope, >> that's all right. >> Okay, >> you said it all. Thank you. All right, we'll move on to um welcoming, speaking of recognizing board members, welcoming uh the new
member, newest member to our board, Amy Anderson. We're glad to have you. Uh I won't make you make a speech, put you on the spot, but we're we're very thankful to have you. Moving on to our business item and I'll
call on city attorney Shockley. >> Good afternoon, Mr. Chair. Uh before you, you have a couple of items in your packet. It's starting on page five of your packet. There's a nice brief memo that outlines the action that's being
requested the EDA board. Uh today you're being asked to approve a parameters resolution to authorize the sale of lease revenue bond series 2026A for the city hall uh project. You'll recall at
last meeting at the last regular meeting we went through the overall structure of the transaction in which uh the EDA currently owns uh the pro or the land upon which city hall is on. uh the city will make lease payments to the EDA
pursuant to a lease agreement and then the EDA will remit those lease payments for the payment of bonds. The actual operation of that process goes through a trustee. There's actually no staff time that's required from the EDA. The
payments will just be remitted directly to the trustee who will make the bond payments. Uh also as landlord uh you're not required to uh pay any taxes, any maintenance, anything like that. That's all taken care of by the city. Uh
essentially the EDA is serving as the pass through entity uh for the payment, the lease payments uh to the trustee to the bond uh to the uh for the bond holders. Uh this is a little different than most bond transactions the city uh or EDA undertakes. This is what's
referred to as a parameters resolution. Uh that means that we're uh as a team uh we're waiting for the right market conditions to go to market for these bonds. Uh there's a couple of items that we need to button up before they're finally marketed, which would include
finalizing the POSOS and then looking for the right time to go to market. The parameters resolution authorizes the sale of the bonds and in your resolution it sets forth those parameters. Um so
the maximum par value uh will be uh 20 uh will not exceed 27 million plus premium. The true interest cost would not exceed 5.5% interest. Uh that just means it doesn't mean that's what the interest
will be. That's just a not to exceed number. Our hope is always that it'll be lower. Um and then uh it authorizes the pricing committee which is the city manager, the assistant city manager and
the chair of the uh Morehead Economic Development Authority to award the bonds or award the bonds sale if uh those parameters are met. um Chris Hogan uh from Baker Tillier is on to answer any
financial questions related to the transaction, but that's what the resolution does. In your packet, you'll also see a form of the lease and a form of the indenture. Uh those are still subject to finalization as part of the bond sale. So, happy to answer any
questions. Uh we'll turn it over to Chris if she has anything to add. >> Um thank you, John. I do not have anything to to add to that. So, thank you for that um detailed information. >> Okay. Do any of the board members have
any questions for Mr. Shockley? I think you summed it up pretty well. So, I appreciate that. So then we'd just be looking for a motion in a second to approve uh this board authorizing the sale of
the lease revenue bonds. >> White moves to approve >> second Schaeld and we will again do a roll call vote. >> Thank you Mr. Chair. Amy Anderson >> approved.
>> Nate Anderson. >> Yes. Sherry Larson, >> yes. >> Emily Moore, >> yes. >> Kim Schaefeld, >> yes. >> Rob Soilick, >> yes. >> And Deb White, >> yes. >> Motion carries.
>> Thank you, John, and and Chris for being on the call. >> Thank you. >> Thank you. >> And our final item, the economic development report. >> Good afternoon, everyone. I'm excited to share some things that are happening
around Morehead. Um, if you can see in the report, I'll just highlight a few of the things. Um, which is not fully in this report, but uh, we had a uh, a press announcement on Friday at 10:00. Essentia made uh, public uh, their purchase of the old Wells Fargo building
on Center Avenue um, and their plans to turn it into a uh, healthc care uh, facility. Um, so really expanding their services within in Morehead. Um, so we're really excited for that. They are working on plans and uh we'll be sharing that with uh with us uh as time goes on
for their excitement. So it's a it's a great uh I was there for the the announcement. There's so much natural light in that uh building. It's just going to be a wonderful place for healthcare I believe. So it's going to be a great addition to our downtown. Um you think about by the time this one is
done within 18 months uh the loop will be open, city hall will be there. We'll have healthcare uh fully uh in place uh along with Kevin Bartram's building um the two units filled up. We're going to have some really great traffic and create some excitement for the rest of
the downtown district. So, this is really falling into place for us. Well, um a lot of good things happening in Morehead. Uh uh Chamber of Commerce, the uh state of the cities was uh the first week in January. Um and uh uh Mayor Carlson did a great job um ba basically
declaring this is the year of uh ribbon cutings because of all of those projects that are going to be coming online for us. So that was really exciting. Um the the members of the chamber wanted to hear more about downtown Morehead. Um so I was able to make a presentation about all the great things that are happening
um in downtown. Um the community um you know of greater area for the chamber. This is the chamber audience wanting to know. So, this is not just Morehead standing up and wanting to tell everybody. This was the community wants to know more about what we're doing. So, we're creating some really great
excitement and I think that will just help us build um much more excitement and and keep the uh keep the projects coming. Uh just a note, Morehead Day at the capital is March 11th and 12th that the chamber hosts. So, we want to make sure we get everybody um that can attend
that uh as possible because we will still have priorities for the city of Morhead that we would like funding for. Uh I was able to attend the EDIM conference, my first one. This is the Economic Development Association of Minnesota. Uh really great presentations. Um eye opening. There wasn't a bad one that I attended, which
is always nice. Um the the most important one um there was uh greater MSP hosted a sustainable aviation fuel um session which was eyeopening uh to say the least and very exciting that Morehead is part of that conversation. So more to come on that uh as time goes
on. Um one of the most interesting meetings I met with uh Mindot out of our Detroit Lakes office and talking about all the projects that are scheduled for Morehead. Uh good news is we've got a lot of projects scheduled. Bad news is we don't have enough funding for it yet. So, um, once flood is done and everything, I'm sure we'll turn to roads
and and doing that. But, uh, they see the need for, uh, continued expansion within Morehead and making the roads better because they see us growing. Um, and they're excited about that as well. Um, and, uh, and that will conclude my report. Thank you.
>> Thank you, Matt. Appreciate that. Does anyone else have anything to share? Hearing none, we will adjourn. Thank you all.